From the Washington Post:
There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. Economic output rose at its slowest rate of any decade since the 1930s as well.
Middle-income households made less in 2008, when adjusted for inflation, than they did in 1999 — and the number is sure to have declined further during a difficult 2009. The Aughts were the first decade of falling median incomes since figures were first compiled in the 1960s.
And the net worth of American households — the value of their houses, retirement funds and other assets minus debts — has also declined when adjusted for inflation, compared with sharp gains in every previous decade since data were initially collected in the 1950s.
“This was the first business cycle where a working-age household ended up worse at the end of it than the beginning, and this in spite of substantial growth in productivity, which should have been able to improve everyone’s well-being,” said Lawrence Mishel, president of the Economic Policy Institute, a liberal think tank.
Those are facts — which have a liberal bias, I know. Seriously, what are the conservative / teaparty / Republican voters thinking — that MORE tax cuts, loopholes and subsidies are going to create a job? How many more decades will have to pass before they stop falling for it? My guess: we’ll all be eating Soylent Green and living in Thunderdome by the time the GOP base wakes up.
Guess who ‘creates jobs’? It’s not the rich and powerful. It’s the working- and middle-class WITH THEIR PAYCHECKS. The job creators are the customers, who drive more business, who drive more jobs to fulfill a demand. When there are no paychecks, there’s no money to spend, no demand — no new jobs are necessary. Which brings us to the unemployment figures we have today.
And by extending tax cuts to the wealthy — which were to be temporary — the only way to make up for a lack of federal tax revenue is by cutting programs and services that the rest of us depend on. The Republican base needs to snap out of it.